Early-stage VC fund Strive (formerly Gree Ventures) announced the final close of its third Asia fund at more than USD 100 million.
Launched in April 2019, the fund is being deployed into seed-stage opportunities in the business-to-business sector across Southeast Asia, India, and Japan, according to a statement.
Major investors in the new fund included returning limited partners such as government-backed SME Support Japan, social media company Gree, and Mizuho Financial Group members Mizuho Bank and Mizuho Capital.
Strive announced the first close of the fund at USD 130 million in May 2019. At the time, it had already invested in edtech startup ClassPlus, and Tokyo-based TrustDock, which provides an application programming interface for know-your-customer services.
Through Fund III, the firm has also co-invested with other leading VCs such as Sequoia Capital, Monk’s Hill Ventures, Nexus Venture Partners, and Accel Partners as it aims to be a cross-border Asian fund with a strong presence in India, Southeast Asia, and Japan.
Strive also announced it had promoted Nikhil Kapur last year to serve as a partner. Kapur has made more than a dozen investments in his last four years with the company, leading Fund III’s investments in Southeast Asia and India, the company said.
The firm has led seed-stage investments in companies such as Saleswhale and Hasura. It has also backed healthtech startup Medtrail and fintech company Kudo, which has since been acquired by ride-hailing giant Grab.
This article first appeared in Tech in Asia.